EFCC Arraigns Ex-Skye Bank Chair Tunde Ayeni Over Alleged ₦15.6bn Fraud

The Economic and Financial Crimes Commission has arraigned former Chairman of the defunct Skye Bank Plc, Tunde Ayeni, before the Federal Capital Territory High Court in Apo, Abuja, over an alleged ₦15.6 billion fraud.

Ayeni was docked on Monday on a 17-count charge bordering on criminal breach of trust, misappropriation, and conversion of depositors’ funds. According to the anti-graft agency, the alleged offences were committed during his tenure as chairman of the bank in 2014.

The EFCC alleged that Ayeni diverted a total sum of ₦15,665,085,429 through a series of transactions that violated banking regulations and prudential guidelines.

One of the charges stated that he allegedly misappropriated ₦3.2 billion from depositors’ funds in the bank’s suspense account and transferred the money to accounts linked to a private firm domiciled in a commercial bank. Another count accused him of diverting over ₦5 billion to another company’s account in a separate transaction.

At the proceedings, prosecution counsel, E.E. Iheanacho (SAN), informed the court that the commission was ready to proceed with trial and applied for the charges to be read to the defendant.

Ayeni pleaded not guilty to all counts.

Following his plea, the prosecution requested that he be remanded in a correctional facility pending trial. However, defence counsel, Ahmed Raji Bashir (SAN), opposed the request, arguing that the charges were served on a public holiday and seeking his client’s release or bail.

Presiding judge, Jude Onwuzuruike, adjourned the case to May 13, 2026, for the hearing of the bail application.

The court also ordered that Ayeni be remanded at the Kuje Correctional Centre pending the determination of his bail request.

The case marks another high-profile prosecution by the EFCC as part of ongoing efforts to tackle financial crimes in Nigeria’s banking sector.